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India Pharmaceuticals 2017 Pre-Release

India’s pharmaceutical industry, ranked third worldwide in terms of volume, is the largest supplier of generic drugs globally and a proponent of high-quality affordable medicines. The industry has posted double-digit growth over the last few years, rising to US$36.7 billion and projected to grow to US$40 billion by 2020. However, as price erosion continues to impact the market and competition increases, many of India’s pharmaceutical companies will be hard-pressed to continue pushing products into the market at ever-more affordable prices. A number of policies under discussion, outlined in the Draft Pharmaceutical Policy 2017, seek to address the challenges faced by Indian pharmaceutical companies. Implementation and open dialogue between government and industry will be key in ensuring its success.